Related gets $120M tax break for Hudson Yards, Willets Point

Stephen Ross’ Related Companies received approval yesterday for a combined $120 million in tax exemptions for two of its largest projects — Hudson Yards and Willets Point.

Although the city reviewed the request at a public hearing last week, the Industrial Development Agency made the final call, voting 12-1 in favor of granting Related’s request. The IDA board meeting will be the last one to be held during Mayor Bloomberg’s administration.

Related will get $76.5 million in tax breaks to redesign a 49-story building in Hudson Yards on the Far West Side, and – with its partner Sterling Equities – $42.6 million to build 30,000 square feet of retail, a 200-room hotel and much more near Citi Field in Queens, where it is redeveloping the Willets Point area.

Mayor-elect Bill de Blasio has said he plans to cut $2 billion to $3 billion in city-approved tax breaks per year, a shift in policy from the Bloomberg administration, which often provided tax relief to real estate developers, Bloomberg News said.